The Financial Accounting Standards Board (FASB) is requiring public companies to disclose expense details involving employee compensation, depreciation of “property, plant and equipment,” amortization of intangible assets, and costs capitalized to inventory in their income statements. While it may make financial reports more insightful to your company’s investors, depending on what happens next, your Accounting […]
There’s no need to panic if you or one of your staffers discover they’ve made mistakes with your company’s 401(k) plan. No one is going to jail, and in almost every case you won’t be paying a penalty, so long as you take steps to rectify the error promptly and correctly. The IRS’ Employee Plans Compliance […]
A lot more contractors and businesses like yours that receive payments via CashApp, PayPal or Venmo have been bracing for getting a 2022 Form 1099-K for income received from business transactions over third-party payment networks. That’s because the Form 1099-K reporting threshold requirement for third-party settlement organizations was lowered from $20,000 in aggregate payments from […]
Accounts Receivable departments need to stay on their toes for scam artists and fraudsters. Plenty of companies’ cash flows are squeezed tighter than ever these days. So the last thing you need is to accept and fill an order from a source that’s not going to pay for it. Turns out there are a few […]
Among the many year-end duties finance teams are working on is identifying an aged account that isn’t likely to pay. This is the type of customer that Accounts Receivable called and wrote to so many times to collect, it was handed off to Collections months ago, but all to no avail. Maybe the customer’s in […]
Give your team a heads up: The informational copies of the 2022 Form 5500, Form 5500-SF, IRS Form 5500-EZ and form instructions have been released by IRS, the Dept. of Labor’s (DOL) Employee Benefits Security Administration and the Pension Benefit Guaranty Corporation. They arrive just in time for the year-end financial condition, investments and operations […]
Since remote and hybrid work became normal for many companies, some workers are complaining that their employers should pay for work-from-home expenses, such as internet and electricity costs, printers and office supplies. A few employees are even suing their employers to recover what they’re spending on work-from-home expenses. Bank of America, Liberty Mutual Insurance, Oracle, […]
Since about 80% of all your company’s transactions go through A/P, if a totally paperless A/P department is one of your goals for 2023, robust controls to prevent waste and misuse of company funds will be essential. That’s because according to the U.S. Department of Commerce: 5% of all companies’ annual revenue is lost to […]
The U.S. Securities and Exchange Commission (SEC) is on track to finalize a rule mandating publicly traded companies report direct and indirect greenhouse gas emissions. The rule is part of the Biden administration’s goal of making Environmental, Social and Governance (ESG) practices mandatory. In addition, the Financial Accounting Standards Board (FASB) is considering putting out […]
